智通财经网·2025-06-16 03:12Group 1 - The core viewpoint is that China State Construction International (03311) is expected to perform better in terms of profit growth and cash dividend payments compared to its peers affected by infrastructure investment slowdown and local government budget challenges [1][2] - The company achieved 43.3% of its revenue from the Hong Kong and Macau markets last year, with expectations that these markets will contribute over 50% of sales by 2025 [1] - China State Construction's competitive advantage lies in its HKD 2.1 billion positive operating cash flow and a 33% cash dividend payout ratio, which is a significant attraction in the current market [1] Group 2 - The company is considered safer than its peers due to its low involvement in real estate development in mainland China, focusing mainly on infrastructure projects in Hong Kong [2] - It is anticipated that by 2025, the sales contribution from mainland China may drop below 50%, reaching 45%, while the combined contribution from Hong Kong and Macau could surpass that of mainland China [2] - Slight downward adjustments have been made to the company's 2025 sales and net profit forecasts, estimating a year-on-year growth of 13% and 10.1% respectively [2]